"The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the billion loan modification program, which runs through 2012."

http://news.yahoo.com/s/ap/20090304/ap_on_go_pr_wh/obama_housing

I have heard that over 40% of Adjustable Rate Mortgages currently on the books have had errors in the past when re-calculating at adjustment periods, and it is not funny that the errors always tend to favor the lender. I have been told that a company named “Mortgage Monitor Financial Services” analyzes your ARM for you, reviewing all adjustments that have been made to your ARM over its life. The company claims to have saved money for over 10,000 people.
Does anyone have had experience with the company ? Is it reliable?

The web sites should not be ‘financial institutions’ looking to earn money by offering loans or other types of packages. I am simply looking to discuss problems with other people who have encountered similar problems.

The types of advice would include how to handle being ’slightly’ upside down in debt, and what types of options are available to stay afloat while (if) the housing market normalizes.

Why do u think they r asking for it will it be any trouble yes my parents filled mortgage on tax returns

We are in Texas

We are forming a group wishing to borrow as much as possible to buy a small apartment building in Berlin. We can raise between 50-70% cash (approx Eur 350K)depending on property value. We are all UK based and there will be 4-5 people involved. Thanks

I am not a license loan officer and recieve lots of leads. I would like to use the company which is licensed through department of corporations and department of realty and they said that I will get 20% as w2 pay and 70% as 1099 as a marketing expense. Guys is this kosher?

To what extent did the subprime mortgage disaster have on the global economic crisis? What signs were there to indicate an impending crisis? Who is to blame for these events? Is the United States Governments actions and strategies to improve the economy valuable?

If the property gets forecloused on will i be facing any financial responsibilities?
In the state of Illinois

I wrote earlier. This is Jill 222. Yes, I know the mortgage company wants their money now. We owe the bill. Things do come up in life that we can’t help. They allowed me in the 7 yrs. of having the mortgage to put 2 payments at the end of the mortgage. Two problems in 7 yrs. is pretty good. The company was then bought out last May 2006 and we’ve been in debt ever since. I know the most important thing is saving your home, but there’s other bills out there too. What good is saving my house when it has no electric, gas, phone, etc. My husband and I both served in the USAF during desert storm. We aren’t on welfare or other assistance. I am all for people getting assistance if they need it for the record. We’ve just hit bad times, and every penny is going to the mortgage. I WON’T let my kids ever go without food, clothing, warmth etc. I’m just down and BROKE. Thanks for those of you who wrote back.
Jill 222

Can someone who has used it please tell me how it works? www.fflimited.com. Thanks for input. I have done my research and the company is legit. I’ve also seen them on the cover of some real estate magazines and morgage magazines too.
Well I’m not looking for a loan, I know they are not a mortgage company, but I wanted to buy their software but I want someone who has USED it to tell me about it. That way I don’t just have opinion. Thanks!

When we take out a mortgage with less than 20% down, the lender usually asks that the borrower pay for private mortgage insurance to take care of any loss in value should the bank have to foreclose and sell. I have not heard one word about where they stand with this bail out situation

"How banks were bullied into making bad loans"
‘Community activists’ used pressure tactics to secure high-risk mortgages
Posted: April 05, 2009, 7:11 pm Eastern
© 2009 WorldNetDaily
http://www.wnd.com/index.php?fa=PAGE.view&pageId=94031

WASHINGTON – Using tools provided by the federal Community Reinvestment Act, community organizers led by a self-described "banking terrorist" applied bullying tactics to secure high-risk mortgages and to shake down lending institutions for billions of dollars – actions that likely contributed to the "mortgage meltdown" that triggered the worst economic crisis since the Great Depression.

That’s the substance of a new report by the Capital Research Center on the Neighborhood Assistance Corporation of America headed by Bruce Marks.

"NACA has been accused of being overly aggressive and personal," explains the group’s website. "NACA wears this as a badge of honor, leaving no stone unturned and often hounding CEOs from their shareholder meetings to their homes. The rationale is simple: lenders have a personal and often devastating impact on the lives of the people who they refuse to provide affordable credit to or take advantage of through predatory loans and scams."

NACA earned that reputation by first targeting Fleet Financial Group of New England, which was accused of lending money to private mortgage companies that, in turn, lent money at "loan shark rates." NACA filed lawsuits against Fleet and worked with local media on disparaging news coverage. NACA’s "shock troops," known for wearing yellow shirts, disrupted speeches by bank officials, including one by CEO Terrence Murray at the Harvard Business School.

In 2007, Countrywide Bank was targeted. It quickly acquiesced to demands for a settlement that included a stipulation to restructure its borrowed troubled loans. A year later, Countrywide was insolvent – touching off a string of bank defaults and government bailouts that have cost taxpayers trillions.

"NACA could not operate as it has without the Community Reinvestment Act," says the CRC report. "The CRA is a federal law, first enacted in 1977, that banned the real estate practice of ‘redlining’ communities, singling out geographical areas where a bank would make no loans. To comply with the CRA, banks had to show that they did not discriminate in making loans in poor and black neighborhoods."

I currently have a mortgage on my house. The mortgage is in my and my brothers name. I want to remove his name and put my wife on the loan. I am being told that i would have to go thru the entire mortgage process, pay closing cost and loose the low interest rate. Is there anything i can do?

If the government buys from the bank that mortgage loan, shouldn’t the bank share in whatever loss takes place.
Why should the taxpayer absorb the entire loss?

My husband lost his job a couple months ago. I have been a SAHM for over a year and due to the financial strain I’m going back to work starting Monday. My husband will also start a new job on Monday. We have kept up with our bills fairly well up to recently. But last month we were unable to make either of our mortgage payments (we have two because we took out an 80/20 loan) Assumably so, we’ve been dodging the phone calls from our mortgage people for weeks. Blessedly these jobs have worked out, only problem is it will be another two weeks for paychecks from either and what little money we have left we need to spend for daycare, gas, and food, until then. I know that the economy is crap right now and most americans are behind in their mortgages, but we never have been and it’s scaring the crap out of me. I don’t know much about this situation or if I need to let the mortgage companies in on what’s been going on ) and/or how far you can be behind before they take your house. HELP!

Visited a consultant and he asked us what price we were looking at vs. telling us our approval price. Is this right? This individual did not let us finish disclosing all accounts but just recommended that our "guess-timation" was good enough…

What is really happening?